The Indian rupee advanced today despite the inflation report that showed growth of consumer prices that was below analysts’ forecasts. The data led to speculations that the nation’s central bank will keep interest rates unchanged on the next month’s meeting.
Annual inflation was at 8.1 percent in February, below the median estimate of 8.3 percent. It was the lowest level since January 2012. Industrial production, on the other hand, was better than forecasts. It is expected that investments into the Indian economy will be limited until the next month’s elections as companies wait to see what plans a new government will reveal.
USD/INR went down from 61.2400 to 61.1950 as of 18:19 GMT today.
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